No, that's not correct. Australia's acceptance of the WHO code on the marketing of infant formulas is far less than ideal, but it is the MAIF agreement. You can see details, including the complaints form, here.Department of Health and Ageing - Complaints Handling Process
Manufacturers are not allowed to advertise infant formula - thus the aggressive marketing of toddler formula (carefully branded to look identical to infant formula, and yes, BabyBellyBurton, a form of food completely unnecessary for children.
The only way legistlators will ever *get it* is if we tell them. Write to APMAIF and tell them what you think of toddler formula adds in general and this ad in particular. Don't worry about whether it is within the scope of the agreement - there job to read your complaint and sort that out. (they have to log it and investigate it anyway.)

So, don't keep it to yourself - complain long and loud